Basics of Real Estate Agency Business

6 months ago

Basics of Real Estate Agency Business

The business of a real estate agent is perhaps the most rewarding career that you can ever think of. Many of the world’s billionaires were real estate agents at the onset of their career. But to be a billionaire being an agent or even being successful, you need to take the business of a real estate agency seriously as a profession and not as a hobby or a side business that often people do and more so in India.

In other countries, there are licenses that you need to obtain and examinations you need to pass in order to become a real estate agent. But in India, although you need to register yourself with RERA there are no examinations you need to pass for being a real estate agent. To be successful in the real estate business as an agent, all you need to have is the right mindset of an independent entrepreneur. One more plus point this business has is, this is one among those businesses which do not require a hefty amount of investment or even you can go without an investment too.

What do you need to learn? 
Real estate is full of litigations and in India, it is more so. To be a successful real estate agent, all you need to learn are the nitty-gritties of the law that is related to properties. The next thing that you need to know is the title search of properties and examining the documents like the sale deed, registration, encumbrance certificate, etc. You can of course learn these aspects easily with your first deal or being an assistant of a broker or another real estate agent for a while.

The next thing that you need to learn is the market and the trends of the real estate market. By this, we certainly do not mean that you need to be a real estate economist or a speculator at the first shot but you need to know the trends of the local market you would operate in. So, inevitably your first duty would be to choose a market that you would operate in which should preferably be an A or B-Class city of India and know the market dynamics in and out. It would certainly be better if you know the plans of the local authorities and the metropolitan corporation about the expansion of the city. This would enable you to know the prospects of the places that you would sell or buy properties in.

What do you need to do? 
As an agent, you would not only help the buyer and the seller to buy or sell a property but you would be accomplishing many of the tasks like being a seller or the buyer’s advocate, a due diligence expert, a consultant, a market analyst and many more. A real estate agent is all of these roles moulded into one with the intention of closing a deal successfully keeping in mind the interest of the buyer and the seller.

The first thing to embark on a real estate agency business is to decide which deals and the type of deals that you would focus on. Study those markets and list the property developers and sellers in those market segments. Once this is done, you can then think of the marketing techniques that you would deploy in order to attract the sellers. In a digitized world, it is not always necessary that you need to have a well-furnished office to start your real estate business or rather a telephone with a laptop can do the job if you are able to build credibility.

As a real estate agent, you would earn on commissions that would accrue out of the sale or the deals that you finalize. For this, you have to enter into agreements with trusted sellers or developers which should be inspected by a lawyer lest you end up paying penalties and entangle yourself in legal hassles.

The next in line is to find the leads or the buyers. Here, of course, you have some investments. You can use the aggregate portals or digitally collect your own leads. If you do not have the digital marketing expertise, the best option is to employ a digital marketing expert or partner with an expert who would supply you leads. The rest is your sales techniques that would come in handy and the knowledge of real estate that would help you in shining in your real estate agency business. To drop the last line, integrity, trust and values are assets in any business and so is it in the business of a real estate agency too.